Oil falls as US prepares to unveil new Iran sanctions
Some analysts are expecting the recovery in supplies from the Middle East to take even longer than expected as the US-Iran conflict persists.
Both contracts posted their second weekly gains last week, up more than 5%, as peace talks between the US and Iran hit a stalemate, capping oil shipments through the Strait of Hormuz, where a fifth of the world’s supply used to transit.
Oil prices slipped more than $1 a barrel on Monday as investors took profits ahead of an expected announcement from Washington about imposing more sanctions on Iran that may further disrupt supplies from the Middle East.
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